Page 6 - Policy Economic Report - October 2025
P. 6
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
the USGC. Additional downward pressure stemmed from selling activities in the futures market.
However, losses were partly offset by more substantial refining margins, particularly for middle
distillates, and stronger buying interest from Asia-Pacific refiners. Improved west-to-east arbitrage
economics also supported demand for Atlantic Basin crudes.
Natural Gas spot prices at the US Henry Hub benchmark averaged $2.97 per million British thermal units
(MMBtu) in September 2025. Henry Hub's natural gas prices rebounded in September by 2.1%, m-o-m.
Prices rose due to a combination of higher end-of-summer demand and pipeline maintenance in some
regions. However, stable LNG exports coupled with elevated stocks limited upside support. According to
data from the US Energy Information Administration (EIA), average weekly natural gas storage increased
by 8.1%, m-o-m, in September. Prices were up by ~30.3%, y-o-y.
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